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At an event in New York City today, we announced Google Wallet, an app that will turn shoppers’ phones into their wallets. Google Wallet will enable consumers to store their credit cards, coupons, loyalty and gift cards securely on their phone, so they can pay, redeem offers, and earn loyalty points - all with a single tap of their phone. It is in a field test now and will be available to all consumers this summer.

A key benefit to retailers will be the integration of coupons, or offers, into Google Wallet. We’ve been testing a variety of offers - from discounts directly within search ads to check-in offers to offers in Google Places. Over time, consumers will be able to save each of these offers directly to their Google Wallet. That means consumers will get the benefit of carrying their offers with them at all times, bringing retailers targeted foot traffic.

The integration of offers into Google Wallet will enable merchants to close the loop by directly connecting their online and mobile advertising with offline purchases. In addition, Google Wallet provides merchants with a way to engage with customers in-store, enhancing the customer experience. Many leading merchants are integrating Google Wallet into their stores.

From the outset, Google Wallet will be compatible with more than a hundred thousand merchants nationwide that are part of the MasterCard PayPass network - a merchant point of sale service that enables consumers to tap to pay.